Regulation of Insurance Industry Act 2000 · As enacted · Part VIII · Registration of Brokers and Insurance Agents
82. Registration as a broker
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Where the Board is satisfied that—
the volume of business which is likely to be available to and the earning prospects of an applicant are adequate ;
Regulation of Insurance Industry
the business in respect of which the application is made will be conducted in accordance with accepted professional standards ;
the financial standing of the applicant is sound ;
the knowledge, skill and experience in insurance broking business of those in the applicant’s employment are adequate ; and
the company is registered under the Companies Act,
No. 17 of 1982 for the sole purpose of carrying on insurance broking business, the Board shall register such applicant as an insurance broker for such class or classes of insurance business in respect of which the application was made.
Upon the registration of an insurance broker under subsection (1), a certificate of registration shall be issued by the Board to the applicant, subject to such conditions as shall be specified therein, and which shall be valid for a period of one year. Separate certificates of registration shall be issued in respect of long term insurance business and general insurance business.
The certificate of registration issued by the Board shall authorise the holder to carry on such business as specified therein.
A certificate of registration issued to a broker under this section shall not be—
transferred to any other person, and any such transfer shall be null and void ; and
used for the benefit of any other person.
The Board may at any time add to, vary or revoke any existing conditions of registration of an insurance broker or impose new conditions.
Regulation of Insurance Industry